Market Analysis – April 9
Nasdaq 100 has been performing brilliantly since the change in market direction in January. Nasdaq 100 has continuously used bullish order blocks as launching pads for ascending towards liquidity regions on the 24-hour chart.
Nasdaq 100 Key Levels
Resistance Levels: 13703.0, 14382.0, 15000.0
Support Levels: 12864.0, 11880.0, 11324.0
Nasdaq 100 Long-Term Trend: Bullish
Multiple attempts were made from October onward to create a market reversal on the Nasdaq 100. All efforts seemed futile till January when the double bottom formed above the support level of 10691.0. The Stochastic Oscillator recovered from the oversold region in January. A pullback to retest the Moving Average (Period 9) provided sufficient support for a bullish reversal.
A bullish order block (down close candle) was deposited at the 11882.0 support level before the market faced the resistance of 12864.0. A pullback was engineered with the formation of a double top at the 12864.0 key level when the Stochastic Oscillator was overbought. The bullish order block was used as a launching pad to continue the ascent. The price rose to break the previous resistance level of 12864.0.
Nasdaq 100 Short-Term Trend: Bullish
The region of the last daily bullish order block has been highlighted on the 4-hour chart. The previous resistance level of 12864.0, where the order block lies, is expected to function as a new launch pad to attack the liquidity pool resting at 13703.0.
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